(3 Minutes Read)
The president of Zambia H Hichilema, made the call last week during a presidential breakfast meeting on the establishment of the Africa Credit Rating Agency (AfCRA) at the African Union headquarters in Addis Ababa, Ethiopia. President Hichilema said the agency will help address structural biases in global credit assessments and enhance Africa’s ability to attract investment on competitive terms.
The International Credit Rating Agency (ICRA) has backed the call by President Hakainde Hichilema for Africa to have its credit rating agency to ensure fair and objective assessments. Most African countries are rated by international rating agencies like Moody’s and Standard, Poor’s, and Fitch.
The president of Zambia,H Hichilema made the call last week during a presidential breakfast meeting on the establishment of the Africa Credit Rating Agency (AfCRA) at the African Union headquarters in Addis Ababa, Ethiopia.
President Hichilema said the agency will help address structural biases in global credit assessments and enhance Africa’s ability to attract investment on competitive terms.
Commenting on the President’s call, ICRA director for Africa operations David Mwambazi said it is time for Africa to create its narrative as far as credit rating is concerned.
ICRA is a multinational credit rating agency headquartered in Dubai, United Arab Emirates, with a growing African presence. The Securities and Exchange Commission regulates the agency in Zambia.
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He said there is also a need for Africa to reset its priorities, considering the repositioning of the United States of America under Donald Trump, such as the withholding of international aid.
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